News
April 5, 2018
2018 Provincial Budget Update from FilmOntario
2018 Provincial Budget Update
This afternoon I was pleased to attend the province’s annual budget lock-up and, along with board member David Carter, Finance Minister Charles Sousa’s budget speech at the Ontario Legislature.
The good news for the industry from today’s budget is that the government continues to recognize the success of the screen-based industries as an economic driver in the province and the importance of stable tax credits in continuing that success. There were no substantive changes to the tax credits in today’s budget. We are pleased with the continued commitment to stability, and as an organization we will continue to work with political, Ministry and OMDC staff on tax credit modernization and streamlining initiatives in order to make the system work better for everyone.
Unfortunately, we still have some work to do in securing government investment in order to expand the province’s studio capacity. The budget contains a commitment from the government to continue working with us to find opportunities for this investment. This is a step in the right direction and something we will focus on with all parties heading into the provincial election.
The budget also announces a technical change to the OIDMTC, which will extend eligibility to film and TV websites that are embedded on broadcaster websites. This is an enactment of the change that has been in effect since November 1, 2017, which was outlined in more detail in the December 21 member update.
Overall this is a positive budget for the industry. While there is always more work to do, we are pleased to see a continued commitment to tax credit stability and a recognition of the industry’s economic impact. As we head into the election, we at FilmOntario, with the ongoing support of our members, will continue to advocate on behalf of the industry to all political parties and ensure our voice is heard at Queen’s Park.